According to some estimates, 1 in 4 homeowners have under-water mortgages and 12 percent of home foreclosures are "strategic" or purposely induced because a house is worth less than the mortgage owed on it. Fearing that "strategic" foreclosures will continue to rise, Fannie Mae has announced that they will lock out borrowers from receiving a [...]
There's an interesting criminal case taking place in New York that could set a precedent for charging scam artists who target struggling homeowners facing foreclosure with a hate crime. The case involves five people who were charged and/or convicted of a hate crime for targeting senior citizens with nonviolent crimes such as mortgage fraud. The [...]
The latest reports from the Treasury Department is showing that only 340,000 homeowners have received permanent loan modifications as part of the HAMP foreclosure prevention program, far fewer than many had hoped would receive help. Unfortunately far more homeowners facing foreclosure receive temporary loan modifications and then are booted out of the program. About 466,000 [...]
The Federal Trade Commission is taking legal action against several foreclosure scam artists who are accused of falsely claiming they can modify homeowners' mortgages and offer other types of foreclosure relief. Many of the companies have even gone as far as impersonating government programs such as the Making Home Affordable program and Hope Now mortgage [...]
In a move that could create a horrible public backlash, the Federal Housing Administration, which runs the largest reverse-mortgage program in the country, has decided to begin foreclosing on homeowners who have failed to pay their property taxes. Reverse mortgages are for seniors who are at least 62 years old and allows seniors to remain [...]
Many homeowners losing their homes today are the victims of ugly foreclosure scams that involve the homeowner signing over their home to a con and then "buying" it back with an astronomical mortgage attached. Francis Blackman, a 55 year old victim of foreclosure lost her home because of one of these scams. Blackman said she [...]
The foreclosure crisis, once mostly restricted to the lower and working classes has now descended upon even high income earners and those in the middle-class. The high unemployment rate and reluctance of mortgage companies to provide flexible mortgage modifications for homeowners facing foreclosure has increased the number of foreclosures all economic class are facing. But [...]
Already in the first half of 2010, 20 percent of the homeowners facing foreclosure in Dallas-Fort Worth are upside down on their mortgage. And that number is expected to grow. With so many homeowners in upside down mortgage facing foreclosure, should more of them consider filing bankruptcy? Below are a few reasons why considering bankruptcy, [...]
Lenders who had been threatening to foreclose on the posh Four Seasons Resort and Club Dallas at Las Colinas finally foreclosed on the property and purchased it themselves for $122 million. Mortgage holders sold the 431-room luxury Irving golf course hotel, conference center and spa at auction Tuesday morning. The foreclosure comes seven months after [...]
Getting Rid Of A Deficiency Judgment After Foreclosure Many debtors who are walking away from their homes are finding that they have a deficiency judgment after the lender fails to recoup the entire amount of the mortgage after the foreclosure auction. Generally speaking, a mortgage lender can pursue a debtor for the balance of the [...]